New Delhi: AMR Group, mainly engaged in gold and jewellery business, is foraying into the booming property market and plans to invest about Rs1,000 crore in the next two years to develop three real estate projects in Uttar Pradesh and Haryana.
“We are developing a 25-acre IT/ITeS park in Greater Noida at an investment of Rs800 crore, which includes land cost,” Director of AMR Infrastructures Ltd, the flagship company of the group, Brij Mohan Gupta told PTI.
The project will have a total developable area of two million sq ft, of which, 1.5 million sq ft would be for office and remaining would be retail space. The company has got the land from state governments to develop these projects.
The IT park would have six-screen multiplex, which has been taken on lease by Satyam Cineplex, he said. The construction of the project is expected to get completed by 2009.
AMR Infrastructures’ second project is located at Kundli (Haryana) and falls in the national capital region. The company is developing 112 service apartments and a shopping mall covering 80,000 sq ft of retail space.
The investment in this project, which is expected to get completed by 2009, would be Rs120 crore, Gupta said.
The national capital-based company has bagged one acre land from Haryana Urban Development Authority in Kurukshetra to build a shopping mall spread over 60,000 sq ft and a 3-screen multiplex. The project is expected be completed by the year-end.
“The investment in Kurukshetra project would be Rs60 crore,” Gupta said.
When asked how the company would fund the Rs1,000 crore investment, he said it would be through internal accruals and advances from sales.
AMR Infrastructures, which has a land bank of about 500 acre for future projects, would adopt both sale and lease models to operate its shopping malls, Gupta said.
AMR Group has presence in jewellery, garments and security equipment businesses. It has six jewellery showrooms in Delhi-NCR by the name of R C Jewellers. Besides, the group also exports jewellery through its firm Royal Exports.
The group is engaged in export-import of fabrics and has also marketing rights of Samsung’s CCTV and GE’s security equipments.